Dell Technologies prices $5.0 billion of senior notes in four tranches

Dell Technologies (NYSE: DELL) priced a $5.0 billion public offering of senior notes across four tranches on September 9, 2026, with coupons ranging from 5.100% to 5.900%. The offering is expected to close September 15, subject to customary closing conditions. Net proceeds are intended to repay outstanding 4.900% First Lien Notes due 2026.

Four-tranche terms: coupons, maturities, and issue prices

The offering comprises $1.25 billion of 5.100% Senior Notes due 2029 at a public offering price of 99.953% of aggregate principal; $1.25 billion of 5.400% Senior Notes due 2031 at 99.836%; $1.50 billion of 5.600% Senior Notes due 2033 at 99.475%; and $1.00 billion of 5.900% Senior Notes due 2037 at 99.694%. Aggregate principal across the four series is $5.0 billion.

Issuers, guarantors, and underwriters

Dell International L.L.C. and EMC Corporation are the Issuers. The notes will be guaranteed on a joint and several unsecured basis by Dell Technologies Inc., Denali Intermediate Inc., and Dell Inc. On September 9, 2026, the Company, the Issuers, and the other Guarantors entered into an Underwriting Agreement with Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters.

Use of proceeds

The Issuers intend to use the net proceeds from the offering of Notes to repay their outstanding 4.900% First Lien Notes due 2026 and any remaining proceeds for general corporate purposes, which may include the repayment of other debt. The Form 8-K does not state the outstanding principal balance of the 4.900% notes or net proceeds dollars after discounts.

Registration statement and prospectus supplements

The sale is registered on Form S-3ASR File No. 333-296691. Terms are described in the base prospectus as supplemented by preliminary and final prospectus supplements dated September 9, 2026.

Form 8-K items and exhibits

The September 10 Form 8-K covers Items 8.01 and 9.01. Exhibit 1.1 is the Underwriting Agreement dated September 9, 2026; the Item 8.01 summary is qualified by the full text of Exhibit 1.1. AccNo 0001193125-26-387958; CIK 0001571996; ticker DELL (NYSE).

Expected closing timing

September 15, 2026 was the expected closing date, subject to customary closing conditions. Read as priced / expected close — not as completed cash settlement. A filing date alone is not evidence that settlement occurred.